MARVIN MANDEL, Governor

1835

In the introductory language of subsection (a)
of this section, the requirement that the
investigation of the Commissioner be "as he
may deem necessary" is deleted as unnecessary
and to conform with the comparable provisions
for a trust company, presently Art. 11, §54,
as amended by Ch. 39, Acts of 1974, now
contained in §6-136 of this subtitle,

In subsection (a) (3) of this section, the word
"incorporators" is substituted for the phrase
"person or persons, named in such
certificate," to avoid the obsolete reference
to the term "certificate."

With respect to subsection (a)(3) of this
section, which requires that the business of
the credit union be conducted in accordance
with the intent of "this subtitle," see also
§6-327 of this subtitle which provides that
the credit union must also comply with the
applicable provisions of Art. 11 of the Code,

Subsection (c) (3) of this section Las been
revised to require retention for record of
one. endorsed copy of the articles and bylaws
and the return of two endorsed copies of the
articles and bylaws to the incorporators,
This conforms with the similar requirements
and practice relating to banking institutions
and savings and loan associations.

The provisions of present §136 which relate to
the filing for record of the articles and the
corporate status of the credit union are
included in §6-306.

The only other changes are in style.

6-306. ARTICLES OF INCORPORATION AND BYLAWS - FILING FOR
RECORD AND CORPORATE STATUS.

(A)       FILING FOR RECORD.

IF THE COMMISSIONER ISSUES A CERTIFICATE OF
APPROVAL, ONE ENDORSED COPY OF THE ARTICLES OF

INCORPORATION AND BYLAWS AND ONE COPY OF THE CERTIFICATE
SHALL BE FILED FOR RECORD WITH THE DEPARTMENT.

(B)   FILING FEES.

THE FOLLOWING FEES SHALL BE PAID FOR FILING ARTICLES
AND BYLAWS FOR RECORD: